Games Workshop Shares Slide Despite Record-Level Licensing Revenues

Games Workshop (LON: GAW) shares declined more than 3% on Friday despite the Warhammer maker posting record licensing revenues and strong profit growth in its latest full-year trading update.

For the 52 weeks ending 1 June 2025, the company expects total profit before tax to reach at least £255 million, up from £203 million the previous year. 

Meanwhile, core revenue is estimated at no less than £560 million, compared to £494.7 million in 2023/24. Licensing revenue surged to around £50 million, up from £31 million, marking an all-time high.

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Operating profit also increased, with core operating profit expected to exceed £210 million and licensing operating profit around £45 million. 

However, the company warned that this level of licensing revenue is not anticipated to recur in the 2025/26 financial year.

Staff are set to receive approximately £20 million in profit share payments, distributed equally among employees, while total dividends declared and paid for the year amounted to £171.4 million, or 520 pence per share.

Despite the strong figures, investors appeared cautious, focusing on the company’s forecast for softer licensing performance ahead. Licensing remains a key strategic focus for the group.

Games Workshop said it will release its full annual report for the period ended 1 June on 29 July 2025.